USD Trading Outlook (20-05-2014)
The Australian Dollar (AUD): Europe made two attempts to trade the pair below 0.9345 but failed and bounced to 0.9355 as NY walked in. NY pressed the pair higher to test hourly resistance near 0.9365/70 but was unable to push further. S&P warned that Australia’s AAA rating could be at risk unless substantial budget cuts are made in coming years, made the AUD dived down to a low of 0.9326. Concerns in iron ore’s break low from 103.70/105 support and t-l support off the 2009 low added pressure to the AUD. RBA minute is due later & little surprises are expected.
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